Normally during a strong market we look for a bounce with such a large gap.  Circumstances are a little different this time as Asia has sold off hard for two days and we need to play catch up.  I’m still a buyer at key support outlined below.  Especially in the stocks that have been strongest recently such as AMZN, FCX, POT.  Already in premkt SPY failed to get above 109 and we have positioned ourselves with some shorts for a move to 108 on the Open.

If we hold above 109.10 I will be long.  risk/reward also favors covering and being long at 107.40.

SPY: look for failure at 109-109.10. support 108-107.40

GS: key inflection 165. identify a seller below 164.80 then get short.  love short on pop to 167-168.

JPM: i am a buyer at 40.50. hasn’t closed below their in months

AMZN: look for support 128.50-129; resistance 131.5-132. holds above 132 figure it goes to recent highs

AAPL: need to buy at 198 on dropout on the Open. look for failure at 102.  holds above 103 very bullish.

IBM: not that interesting unless it drops close to 124

CHK: look for support at 23.60-23.70. broke long term downtrend on wednesday.

HK: support 23, 22.65. broke long term downtrend on wednesday.

POT: 110.50 is the KEY level. early prmkt was way below. while broadcasting meeting it popped above. hold above 111 should get nice pop. if there is concerted selling below 110 it could get pretty ugly as a lot of people have gotten long the past week or so.

MON: relative strength prmkt. traded as low as 78 but now 79.16 bid.  would buy on an opening dropout to 78 with good support at 77.6-77.80

FCX: active in the prmkt bouncing from 84 to 85. could be a little nasty right on Open but would be a buyer close to 83.10. after Open if holds above 85 look for it to grind higher to 86.50

JCG: strong wednesday on earings. gapping below wed. support of 43.10. good bounce candidate

AONE; good support at 15.  get out below 14.80

FAS: support prmkt 69.25, 69; holds above 69.80 could get a nice up move

FAZ: resistance at 21.50